EX-99 3 ex-99.txt PRESS RELEASE PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Charles G. Urtin, President / CEO Telephone: 724-863-3100 www.irwinbank.com ----------------- IBT Bancorp, Inc. Announces Operating Results for the Fourth Quarter and Year Ended December 31, 2002 Irwin, Pennsylvania, February 10, 2003: IBT Bancorp, Inc., (the "Company"), the holding company of Irwin Bank & Trust Company, today announced its results of operations for the three months and year ended December 31, 2002. The Company's net income for the three months ended December 31, 2002 increased $240,000 to $2,072,000, or $ .69 per diluted earnings per share, from $1,832,000, or $ .61 per diluted earnings per share, for the comparable 2001 quarter. Net income for the year ended December 31, 2002 increased $1,472,000, to $8,937,000, or $ 2.99 per diluted earnings per share, from $7,465,000, or $2.49 per diluted earnings per share, for the comparable 2001 period. President and CEO Charles G. Urtin stated "We are pleased to report record earnings for the year ended December 31, 2002. A favorable interest rate environment coupled with record loan volume, increases in non-interest income, and a commitment to controlling non-interest expenses produced these results." Total assets of the Company increased $59,991,000 to $584,035,000 at December 31, 2002 as compared to $524,044,000 at December 31, 2001. Total loans reached $359,872,000 at December 31, 2002 from $315,132,000 at December 31, 2001, an increase of $44,740,000 or 14%. Investments increased as well to $186,718,000 at December 31, 2002 as compared to $162,968,000 at December 31, 2001, an increase of $23,750,000 or 14%. Strong deposit growth funded the expansion of the loan portfolio and the increase in the investment portfolio. Total deposits reached $468,257,000 at December 31, 2002 as compared to total deposits of $422,462,000 at December 31, 2001. The increase in deposits was primarily the result of the growth in interest bearing deposits, which increased $41,578,000 over the prior year. Such increase was primarily attributed to the competitive market rates paid on these products. The Company also took advantage of favorably priced advances from the Federal Home Loan Bank of Pittsburgh. Outstanding advances at December 31, 2002 were $40,000,000 compared to $35,000,000 at December 31, 2001. Irwin Bank & Trust Company is a state chartered commercial bank that conducts its business from its main office located in Irwin, Pennsylvania, five branch offices, a loan center, a trust division, and five supermarket branches located in the Pennsylvania counties of Westmoreland and Allegheny. The Bank's deposits are insured up to the maximum legal amount by the Federal Deposit Insurance Corporation. The Company's common stock is traded on the OTC Bulletin Board under the symbol "IBTB". IBT Bancorp, Inc. Selected Financial Data (Unaudited) (Dollars in Thousands, except per share data) December 31, December 30, ----------------- ----------------- 2002 2001 ----------------- ----------------- Total Assets $ 584,035 $ 524,044 Securities available for sale $ 186,718 $ 162,968 Total loans, net $ 359,872 $ 315,132 Total liabilities $ 527,884 $ 474,319 Interest bearing deposits $ 393,918 $ 352,340 Non-interest bearing deposits $ 74,339 $ 70,122 FHLB advances $ 40,000 $ 35,000 Shareholders' equity $ 56,151 $ 49,725 Three Months Ended Twelve Months Ended December 31, ----------------------------------------- 2002 2001 2002 2001 ------- ----- ------ ------ Interest Income $ 8,485 8,563 33,560 35,184 Interest Expense 3,226 3,824 12,829 16,958 ------- ------- ------- ------- Net interest income 5,259 4,739 20,731 18,226 Provision for loan losses 300 235 1,100 500 ------- ------- ------- ------- Net interest income after provision for loan losses 4,959 4,504 19,631 17,726 Non-interest income 1,420 1,141 5,317 4,009 Non-interest expense 3,546 3,121 12,831 11,284 ------- ------- ------- ------- Income before income taxes 2,833 2,524 12,117 10,451 Income tax expense 761 692 3,180 2,986 ------- ------- ------- ------- Net income $ 2,072 $ 1,832 $ 8,937 $ 7,465 ======= ======= ======= ======= Per Share Data: Basic earnings per share $ 0.70 $ 0.61 $ 3.00 $ 2.49 Diluted earnings per share $ 0.69 $ 0.61 $ 2.99 $ 2.49 Dividends per share $ 0.30 $ 0.26 $ 1.20 $ 1.04 Selected Ratios (annualized): Return on Average Assets 1.42% 1.39% 1.61% 1.45% Return on Average Equity 14.81% 14.53% 16.95% 15.57% Net Interest Spread 3.29% 3.01% 3.39% 2.85% Net Interest Margin 3.82% 3.75% 3.95% 3.68% December 31, December 31, -------------- ---------------- Additional Per Share Data: 2002 2001 -------------- ---------------- Shares Outstanding 2,977,655 2,985,695 Book Value per Share $ 18.86 $ 16.65